VFMC was established under the Victorian Funds Management Corporation Act 1994. We are a public authority and governed by an independent Board of Directors.
Our Board is appointed by the Governor in Council, with the Chair and Deputy Chair appointed by the Treasurer.
The Victorian Funds Management Corporation Act 1994 established VFMC as a body corporate governed by an independent Board of Directors whose members are appointed by the Governor in Council.
The Act specifies that VFMC is subject to the general direction and control of the Treasurer and that any directions must be consistent with the objectives of the corporation as specified in the Act. These objectives are that VFMC provides investment and funds management services to Victorian public authorities in a commercially effective, efficient and competitive manner.
Directions may relate to corporate performance measures but must not be in relation to an investment decision, dealing with property or the exercise of a voting right. Any direction must be published in the Government Gazette and VFMC Annual Report.
VFMC has powers conferred on it by the Borrowing and Investment Powers Act 1987. Broadly, this allows VFMC to acquire assets and invest money.
The Financial Management Act 1994 (FMA) sets out the financial management accountability, reporting and financial administration obligations of the State Government and the Victorian public sector. The obligations in the FMA are supported by the Standing Directions of the Minister for Finance along with the mandatory Instructions.